Bwin.party Tumbles Most Since U.S. Ban as Germany Proposes Tax
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Bwin.party digital entertainment Plc, the company formed by last month’s merger of Bwin Interactive Entertainment AG and PartyGaming Plc, fell 16 percent in London trading after German states’ prime ministers proposed a 16.67 percent tax on sports betting.
The drop was the most since the U.S. barred Internet- gambling financial transactions in 2006, sending PartyGaming tumbling. Germany plans to introduce a 16.67 percent levy on sports bets when it opens its sports-gambling market to private companies in 2012, the Saxony-Anhalt state government said on its website, citing a meeting in Berlin today.